The average cost per night of a hotel room in New York City is $273 (SmartMoney, March 2009). Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $65. T- statistic is 2.015. a. With 95% confidence, what is the Margin of Error(ME)? b. What is the 95% confidence interval estimate of the population mean? c. Two years ago the average cost of a hotel room in New York City was $229. Discuss the change in cost over the two-year period.
The average cost per night of a hotel room in New York City is $273 (SmartMoney,...
Problem 2- Confidence Interval The average cost per night of a hotel room in New York City is $273 (SmartMoney, March 2009). Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $65. T- statistic is 2.015. a. b, c. With 95% confidence, what is the Margin of Error(ME)? what is the 95% confidence interval estimate of the population mean? Two years ago the average cost of a hotel room in New...
The average cost per night of a hotel room in New York City is $263 (SmartMoney, March 2009). Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $50. a. With 95% confidence, what is the margin of error? Round your answer to the nearest dollar. b. What is the 95% confidence interval estimate of the population mean? Round your answers to the nearest dollar. c. Two years ago the average cost...
The average cost per night of a hotel room in New York City is $269 (SmartMoney, March 2009). Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $55. a. With 95% confidence, what is the margin of error? Round your answer to the nearest dollar. $ b. What is the 95% confidence interval estimate of the population mean? Round your answers to the nearest dollar. to c. Two years ago the...
Question:The average cost per night of a hotel room in New York City is $472. Assume this estimate is based on a sample of 75 hotels and that the sample standard deviation is $54. a. At 90% confidence, what is the interval estimate for the population mean? b. At 95% confidence, what is the interval estimate for the population mean? c. At 99% confidence, what is the interval estimate for the population mean? d. Describe the effect of a higher...
In New York City the average hotel room costs $234 per night, with a standard deviation of $65. Suppose that you walk into a random hotel and learn their rate is $155 per night. If the rates are normally distributed, what is the probability that if you leave and walk into another random hotel, they will have a lower rate?
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. a. What is the probability that a hotel room costs $225 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $140 per night (to 4 decimals)? c. What is...
Suppose you want to estimate the average cost of a hotel room in New Orleans. You randomly select a sample of 30 hotel rooms in New Orleans and find the average cost is $88.43. The standard deviation of the population is $5.72. a) Find a 90% confidence interval to estimate the average cost of all hotel rooms in New Orleans.
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $203 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $56. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $224 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $141 per night...
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $203 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $56. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $226 or more per night (to 4 decimals)? .3406 b. What is the probability that a hotel room costs less than $143 per...
(2) To obtain an estimate of the proportion p, of New York City residents who fol that the quality of lile has become worse in the past few years, a telephonc poll by Time/CNN on August 2-5, 2015, revealed that 773 out of 1498 residents said that life has become worse. (a) Find a 95% confidence interval for p. (b) We wish to update this survey. Ilow large a sample is required to be 95% confident that the maximum error...